If you are wondering if you can create your own ring tone in your iPhone, well the answer is Yes. And you don't need to pay anything. Here are the easy steps that you can do.

1. Go to your iTunes Music Library then choose one of your favorite songs. Right-click the song then select Get Info. At the Options tab, you will see the options Start Time and Stop Time. Those options are the only things that you need to focus. Check the start time and stop time then change the value. The maximum ring tone you can set is only for 40 seconds. Beyond 40 seconds, your ring tone won't play at all.

2. Right click the song again then choose Create AAC version. iTunes will create a new file with the AAC format. Right click that AAC version then Choose Show in Window Explorer. You will see the AAC file that you have created and you just need to rename the m4a extension to m4r. After renaming, double-click it so it would appear in your iTunes Ringtone Library.
3. Now, you can sync your new ring tone to your iPhone. Simple and fun right!